- Litecoin price started a decent recovery above the $130 zone against the US Dollar.
- LTC price is now trading above $135 and the 55 simple moving average (4-hours).
- There was a break above a major bearish trend line with resistance near $140 on the 4-hours chart of the LTC/USD pair (data feed from Coinbase).
- The pair could continue to move up if there is a break above the $145 barrier.
Litecoin price is gaining bullish momentum above $130 against the US Dollar, similar to bitcoin. LTC price could resume higher if it breaks the $145 resistance zone.
Litecoin Price Analysis
This week, there was a fresh increase in bitcoin, ethereum, ripple, and litecoin against the US Dollar. Earlier, LTC struggled to clear the $150 resistance zone and started a fresh decline.
There was a break below the $140 and $130 support levels. The price even spiked below the $125 support and the 55 simple moving average (4-hours). A low was formed near the $120 level and the price is now correcting higher.
There was a move above the $130 level. There was a break above the 50% Fib retracement level of the downward move from the $154 swing high to $120 low. Besides, there was a break above a major bearish trend line with resistance near $140 on the 4-hours chart of the LTC/USD pair.
The pair is now trading above $135 and the 55 simple moving average (4-hours). Litecoin is now facing resistance near the $142 level. The next major resistance for the bulls is near the $145 level.
It is near the 76.4% Fib retracement level of the downward move from the $154 swing high to $120 low. A clear move above the $145 level could pump the price. The next key resistance could be $160. On the downside, an immediate support is near the $135 level.
The first key support is near the $132 level. If there is a downside break the $132 support, the price could visit $120. The next key support is near the $112 level, below which the price could slide towards the $105 level.
Looking at the chart, litecoin price is clearly trading above $132 and the 55 simple moving average (4-hours). Overall, the price could continue to move up if there is a break above the $145 barrier.
Technical indicators
4 hours MACD – The MACD for LTC/USD is slowly gaining pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI for LTC/USD is now above the 50 level.
Key Support Levels – $132 and $130
Key Resistance Levels – $145 and $150.
